7 Pieces of Advice for New Investors in Massachusetts or Connecticut

Getting involved in real estate investment can feel overwhelming. When you aren’t sure where to begin or how to get started, you mind end up with nothing but frustration. In our latest post, we offer 7 pieces of advice for new investors in Massachusetts or Connecticut.

#1 – Network As Much As Possible

In real estate investment, it’s not always what you know, it’s who you know. By getting yourself out there and meeting a lot of people in your industry, you increase your odds of hearing about potential deals. Build relationships and let people know about your desire to buy. You can join different networking and investment clubs, or go out of your way to meet people at seminars and events. Talk to other investors and share deals. If there is a deal that isn’t right for you, let others know about it. The favors will be reciprocated. If you are ready to invest in Massachusetts or Connecticut real estate, really get the word out. You never know who might be selling and by going direct, you will both be able to avoid the costs of working with an agent.

#2 – Know The Costs

You might think that by viewing some reports and running some numbers that you have the financial part all figured out, however, this is rarely true. In real estate, there are always unexpected costs to contend with. Plan ahead and set aside some reserves for the unexpected. Owning a vacant property is expensive. Do everything you can to get a tenant in there or sell the property as quickly as possible. Be sure to set aside extra cash for maintenance and your yearly property tax bill.

#3 – Set Realistic Expectations and Goals

Don’t expect to get rich overnight. Your expectations should be based on reality and not on some get rich quick story you read online. It takes time to really learn the ropes and to make money with real estate investment. Always set goals, but base them in reality, not on what you hope to happen.

#4 – Know Your Strengths And Weaknesses

Sometimes it pays to partner up. You might be excellent at closing a deal but horrible at marketing the property. Knowing who will best compliment your strengths and weakness can be a game changer for many investors. Finding people to compliment your investment style will help you both to win. You will both be able to flourish in the areas you shine, while avoiding the things you aren’t as great at.

#5 – Think Outside The Box

Consider properties of different types or in different neighborhoods. Unlike shopping for a personal residence, when you are shopping for an investment property, it is all about the numbers. You can look in areas you may not have considered for yourself. You might be comfortable with single-family real estate, however, you should be able to spot an amazing deal on a duplex should one happen to come up.

#6 – Build A Great Team

You won’t be able to do it all alone. You will need to have industry professionals you know and trust helping you with the deal. Develop relationships with agents, underwriters, wholesalers, cleaning companies and direct sellers. By having a company such as Mass Property Buyers in your corner, you will be able to buy Massachusetts or Connecticut houses directly, and at incredible prices!

#7 – Be Patient

It takes time to learn the in’s and out’s of your market. The research might take you hours in the beginning, however over time, you will be able to rattle off numbers off the top of your head. Don’t give up if your payday doesn’t come in right away. The best things take time.

Are you ready to buy Massachusetts or Connecticut investment property? We can help! Send us a message or give us a call today! 413-455-0008

Testimonials

Mass Property Buyers

We were overwhelmed. “We needed to relocate my father to an assisted living facility. We were in the process of cleaning up the house and organizing when we realized it was just too much. We were overwhelmed. I didn’t want to list the house with a realtor in its current condition and with my dad still in the house we didn’t want a bunch of people walking through the house for showings. I reached out to many online companies. Most of them didn’t even respond. Finally we found Mass Property Buyers. They were able to look at our dad’s house later that day and had a cash offer to us the next day. The offer was fair and they were able to set the closing based on our timeline. They explained everything, the process from offer to closing was wonderful, we were able to close near my work so I didn’t have to miss work.”

Yvonne S - Jobs Hill Rd, Ellington CT

Mass Property Buyers

Helped Our Family. “The Mass Property Buyers team made the process of selling my mother’s house easy. My sister and I contacted them after our mother passed. The house needed repairs and was filled with years of junk. They gave us a reasonable price and took the house as is. We took whatever items we wanted and left the rest of the junk behind. They were fair and honest. I would recommend Mass Property Buyers to anyone who is looking to sell an unwanted house.

Julisa - Suffield CT

Mass Property Buyers

We sold our home fast. “Our experience with Mass Property Buyers was excellent, fast and professional. We had a time constraint in regards to closing since we were moving out of state, and we were able to close in 6 days, which we think is exceptional. We would definitely recommend them to anyone selling their home.”

Patrice P - Lakeshore Dr, Monson MA

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